Caixin
May 21, 2022 07:03 PM
BUSINESS

Majority Stake in Embattled Chinese Lithium Miner Sold at Nearly 600 Times the Guide Price After Fierce Bidding

The price of lithium has soared in recent years as sales of electric vehicles have spiked. Photo: VCG
The price of lithium has soared in recent years as sales of electric vehicles have spiked. Photo: VCG

The majority stake in an embattled Chinese lithium mining company would be sold at an incredible price during an action after fierce bidding, amid surging demand for the key ingredient of electric vehicle batteries.

The hammer price of 2 billion yuan ($298.8 million) is 596 times the opening price for the auction of a 54.3% stake in Sinuowei Mining Development Co. Ltd. based in Southwest China’s Sichuan province, according to the auction platform owned by JD.com Inc.

You've accessed an article available only to subscribers
VIEW OPTIONS
Share this article
Open WeChat and scan the QR code
NEWSLETTERS
Get our CX Daily, weekly Must-Read and China Green Bulletin newsletters delivered free to your inbox, bringing you China's top headlines.

We ‘ve added you to our subscriber list.

Manage subscription